Cortland Associates Inc. MO cut its stake in shares of LandBridge Company LLC (NYSE:LB – Free Report) by 53.2% during the third quarter, HoldingsChannel reports. The firm owned 179,842 shares of the company’s stock after selling 204,475 shares during the quarter. LandBridge comprises 2.1% of Cortland Associates Inc. MO’s holdings, making the stock its 20th largest position. Cortland Associates Inc. MO’s holdings in LandBridge were worth $14,598,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the stock. Pinnacle Wealth Planning Services Inc. boosted its holdings in shares of LandBridge by 20.2% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,533 shares of the company’s stock worth $124,000 after purchasing an additional 258 shares during the period. Schwartz Investment Counsel Inc. raised its holdings in LandBridge by 31.0% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 844,263 shares of the company’s stock valued at $68,529,000 after buying an additional 199,547 shares during the period. Corecam Pte. Ltd. raised its holdings in LandBridge by 27.0% during the 3rd quarter. Corecam Pte. Ltd. now owns 4,470 shares of the company’s stock valued at $363,000 after buying an additional 950 shares during the period. Redwood Family Wealth LLC purchased a new stake in LandBridge during the 3rd quarter valued at $232,000. Finally, Annex Advisory Services LLC lifted its position in LandBridge by 24.6% in the third quarter. Annex Advisory Services LLC now owns 41,704 shares of the company’s stock worth $3,385,000 after buying an additional 8,238 shares during the last quarter.
LandBridge Stock Performance
Shares of LandBridge stock opened at $79.37 on Tuesday. The stock’s fifty day moving average is $84.11 and its two-hundred day moving average is $73.52. The company has a market capitalization of $6.12 billion, a PE ratio of 72.64 and a beta of 0.17. The company has a quick ratio of 7.27, a current ratio of 7.27 and a debt-to-equity ratio of 0.64. LandBridge Company LLC has a 52 week low of $43.75 and a 52 week high of $91.69.
LandBridge Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Thursday, August 27th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Thursday, August 27th. LandBridge’s payout ratio is currently 42.48%.
Analyst Ratings Changes
Several research firms have commented on LB. Raymond James Financial reaffirmed an “outperform” rating and set a $91.00 price objective on shares of LandBridge in a research note on Monday, October 19th. Weiss Ratings cut shares of LandBridge from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, October 27th. Citigroup increased their price objective on shares of LandBridge from $66.00 to $86.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 26th. Piper Sandler raised their price objective on shares of LandBridge from $80.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 1st. Finally, Zacks Research lowered LandBridge from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 13th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, LandBridge presently has a consensus rating of “Hold” and an average target price of $83.00.
Check Out Our Latest Stock Analysis on LandBridge
About LandBridge
LandBridge Company (NYSE: LB) is a landowner and infrastructure-focused real estate company serving the energy and industrial sectors. The company owns and manages large tracts of land in the Permian Basin, primarily in West Texas and southeastern New Mexico, one of the leading oil and natural gas producing regions in the United States.
LandBridge generates revenue by providing access to its properties and related resources. Its activities include surface-use agreements, easements, rights-of-way, water services, mineral and royalty interests, and accommodations for energy, logistics, and infrastructure projects.
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